The publisher of iconic videogames such as EA Sports FC, Battlefield and Apex Legends attracted the offer of PIF, Silverlake and Affinity Partners
Nasdaq-listed Electronic Arts Inc (EA), a publisher and distributor of videogames and digital contents, signed a cash take-private binding agreement with PIF (Public Investment Fund, – Saudi Arabia sovereign fund) and US private equity Silver Lake and Affinity Partners on the ground of an enterprise value of 55 billion US Dollars (press release). It would be the biggest ever LBO (Dealogic). PIF will bring its current 9.9% stake in EA in the vehicle that will acquire the target. Such a roll-over is a shares investment worth in the region of 36 billion US Dollars.
In 2025, EA generated GAAP net sales of in the region of 7.5 billion. The firm owns the brands EA Sports FC, Battlefield, Apex Legends, The Sims, EA Sports Madden NFL, EA Sports College Football, Need for Speed, Dragon Age, Titanfall, Plants vs. Zombies, and EA Sports F1.
EA’s shareholders will receive 210 US Dollars per share in cash. Such a price is a 25% reward compared to the target’s unchanged share price of 168.32 US Dollars at the markets closure of 25 September, Thursday, the last trading day before news of the possible deal broke. On 14 August, Thursday, the share price hit its unchanged all-time high of 179.01 US Dollars.
The deal may close in 1Q27 and EA headquarter will remain in Redwood City, California. PIF, Silver Lake and Affinity Partners will finance the transaction with their own resources, and with a 20 billion debt facility from JPMorgan Chase Bank which will provide 18 billion at the closing.
Goldman Sachs & Co. LLC and Wachtell, Lipton, Rosen & Katz are assisting EA. Kirkland & Ellis LLP, Gibson, Dunn & Crutcher LLP, Latham & Watkins LLP, Simpson Thacher & Bartlett LLP, Sidley Austin LLP, and JP Morgan Securities LLC are advising PIF, Silver Lake and Affinity Partners.
Luis A. Ubiñas, a Lead Independent Director of EA, said: “The Board of Directors carefully evaluated this opportunity and concluded that it offers compelling shareholder value and is in the best interest of all stakeholders. We are pleased that this transaction offers immediate and certain monetary value to our shareholders while strengthening EA’s ability to continue to build the communities and experiences that define the future of entertainment.”
Andrew Wilson, Electronic Arts chairman and ceo, commented: “Our creative and passionate teams at EA have delivered extraordinary experiences to hundreds of millions of fans, created some of the world’s most iconic intellectual properties and created significant value for our business. This moment is a powerful recognition of their extraordinary work. Looking ahead, we will continue to push the boundaries of entertainment, sports and technology, opening up new opportunities. Together with our partners, we will create transformative experiences to inspire future generations. I’m more excited than ever about the future we are building.”
PIF, Silver Lake and Affinity Partners bring deep industry experience, committed capital and global portfolios with networks in the gaming, entertainment and sports sectors that offer EA unique possibilities to combine physical and digital experiences, enhance fan engagement and create new growth opportunities.
Turqi Alnowaiser, PIF Vice Governor and head of international investments, added: “We occupy a unique the the position in the global gaming and eSports sectors, building and supporting ecosystems that connect fans, developers and intellectual property creators. PIF has demonstrated a strong commitment to these sectors and this partnership will help further stimulate EA’s long-term growth while fuelling innovation in the industry on a global scale”.
In 2023, PIF’s Savvy Games Group paid 4.9 billion for acquiring Scopely, a publisher and developer of mobile games such as Marvel Strike Force, Star Trek Fleet Command, Monopoly Go!, and Looney Tunes: World of Mayhem (press release). In March 2025, Scopely paid 3.5 billion for Niantic division that produces Pokemon Go (press release).
Egon Durban, co-ceo and managing partner of Silver Lake, said: “This investment embodies Silver Lake’s mission to partner with exceptional management teams at companies of the highest quality. EA is a special company: a global leader in interactive entertainment, founded on its flagship sports franchise, with rapidly accelerating revenue growth and solid, scalable free cash flow. We are honoured to invest in and partner with Andrew, an extraordinary CEO who doubled revenues, nearly tripled EBITDA and quintupled market capitalisation during his tenure. EA’s future is bright, we will invest heavily to grow the business, and we are excited to support Andrew and the EA team as the company accelerates innovation, expands its global reach and continues to deliver incredible experiences to gamers and fans of all generations.”
Jared Kushner, the ceo of Affinity Partners and Donald Trump son in law as he married Ivanka Trump, concluded: “Electronic Arts is an amazing company with a world-class management team and a bold vision for the future. I admired their ability to create iconic and enduring experiences, and as someone who grew up playing their video games and now plays them with her children, I couldn’t be more excited about what lies ahead”.
